Taux de change d'équilibre et politiques économiques: Une approche contingente

Antoine Bouveret and Bruno Ducoudré
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Antoine Bouveret: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

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Abstract: Equilibrium exchange rate theories make the assumption that the Real Equilibrium Exchange Rate (rer) is independent from internal equilibrium and economic policies. We develop a model in which economic policies depend on the minimisation of an intertemporal loss function, and we show that in a Wage Setting-Price Setting (ws-ps) framework, the rer depends on the policymakers' objectives, making the previous assumptions highly questionable. In our model, the long run (equilibrium) real exchange rate is contingent on policymakers' preferences, implying that equilibrium exchange rate estimates must be treated with caution.

Keywords: Politique économique; Taux de change (search for similar items in EconPapers)
Date: 2008
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Published in Revue Economique, 2008, 59 (3), pp.551 - 560. ⟨10.3917/reco.593.0551⟩

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Journal Article: Taux de change d'équilibre et politiques économiques. Une approche contingente (2008)
Working Paper: Taux de change d'équilibre et politiques économiques: Une approche contingente (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03459755

DOI: 10.3917/reco.593.0551

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